System and method for conducting secure financial transactions

Abstract

A system and method to conduct secure electronic financial transactions are provided. The method includes identifying, by a computing system, a first payment source account held by an account holder; receiving, by computing system, transaction data associated with a transaction initiated by the account holder with a merchant using the first payment source account, the transaction having a transaction amount; requesting, by a computing system, via a first network a first transfer of the transaction amount from the first payment source account within a predetermined time; receiving a virtual signature from the account holder; encrypting the virtual signature; storing the encrypted virtual signature in a database; and transferring the transaction amount to pay the merchant.

What is claimed is: 
     
         1 . A method for conducting secure electronic financial transactions, comprising:
 identifying, by a computing system, a first payment source account held by an account holder;   receiving, by computing system, transaction data associated with a transaction initiated by the account holder with a merchant using the first payment source account, the transaction having a transaction amount;   requesting, by a computing system, via a first network a first transfer of the transaction amount from the first payment source account within a predetermined time;   receiving a virtual signature from the account holder;   encrypting the virtual signature;   storing the encrypted virtual signature in a database; and   transferring the transaction amount to pay the merchant.   
     
     
         2 . The method of  claim 1 , further comprising encrypting and storing the transaction data in a database. 
     
     
         3 . The method of  claim 1 , further comprising charging tips through the ACH network as a separate transaction upon receiving the virtual signature from the user. 
     
     
         4 . The method of  claim 1 , further comprising confirming and accepting terms of service upon receiving the virtual signature form the user. 
     
     
         5 . The method of  claim 1 , further comprising performing a reputation management comprising an on-line review harvesting by providing a user with a review page upon receiving the virtual signature from the user for leaving reviews for merchants' services. 
     
     
         6 . The method of  claim 1 , further comprising decrypting the virtual signature upon the account holder’s authentication and processing an invoice prepared by the merchant for payment by populating the invoice with the decrypted signature. 
     
     
         7 . The method of  claim 1 , further comprising decrypting the virtual signature upon the account holder’s authentication and populating a credit card receipt with the decrypted signature. 
     
     
         8 . The method of  claim 1 , further comprising collecting meta data associated with the signature writing process, encrypting and storing the meta data in the database. 
     
     
         9 . A system for conducting secure electronic financial transactions, the system comprising:
 one or more processors; and   one or more memories having stored thereon instructions that, when executed by the one or more processors, cause the one or more processors to:   identify, by a computing system, a first payment source account held by an account holder;   receive, by computing system, transaction data associated with a transaction initiated by the account holder with a merchant using the first payment source account, the transaction having a transaction amount;   request, by a computing system, via a first network a first transfer of the transaction amount from the first payment source account within a predetermined time;   receive a virtual signature from the account holder;   encrypt the virtual signature;   store the encrypted virtual signature in a database; and   transfer the transaction amount to pay the merchant.   
     
     
         10 . The system of  claim 9 , further comprising encrypting and storing the transaction data in a database. 
     
     
         11 . The system of  claim 9 , further comprising charging tips through the ACH network as a separate transaction upon receiving the virtual signature from the user. 
     
     
         12 . The system of  claim 9 , further comprising confirming and accepting terms of service upon receiving the virtual signature form the user. 
     
     
         13 . The system of  claim 9 , further comprising performing a reputation management comprising an on-line review harvesting by providing a user with a review page upon receiving the virtual signature from the user for leaving reviews for merchants' services. 
     
     
         14 . The system of  claim 9 , further comprising decrypting the virtual signature upon the account holder’s authentication and processing an invoice prepared by the merchant for payment by populating the invoice with the decrypted signature. 
     
     
         15 . The system of  claim 9 , further comprising decrypting the virtual signature upon the account holder’s authentication and populating a credit card receipt with the decrypted signature. 
     
     
         16 . The system of  claim 9 , further comprising collecting meta data associated with the signature writing process, encrypting and storing the meta data in the database. 
     
     
         17 . A non-transitory physical computer storage for conducting secure electronic financial transactions comprising computer-executable instructions that, when executed by one or more computing devices, configure the one or more computing devices to:
 identify, by a computing system, a first payment source account held by an account holder;   receive, by computing system, transaction data associated with a transaction initiated by the account holder with a merchant using the first payment source account, the transaction having a transaction amount;   request, by a computing system, via a first network a first transfer of the transaction amount from the first payment source account within a predetermined time;   receive a virtual signature from the account holder;   encrypt the virtual signature;   collect and encrypt meta data associated with the virtual signature;   store the encrypted virtual signature and the meta data in a database; and   transfer the transaction amount to pay the merchant.   
     
     
         18 . The storage of  claim 17 , further comprising encrypting and storing the transaction data in a database. 
     
     
         19 . The storage of  claim 17 , further comprising charging tips through the ACH network as a separate transaction upon receiving the virtual signature from the user. 
     
     
         20 . The storage of  claim 17 , further comprising confirming and accepting terms of service upon receiving the virtual signature form the user.